HONG KONG, November 6, 2024– Lianhe Ratings Global Limited (“Lianhe Global”), an international credit rating company, has assigned ‘BBB+’ global scale Long-term Issuer Credit Rating to Qingdao Ocean Investment Group Co., Ltd. (“QOIG” or “the company”). The Outlook is Stable.
The Issuer Credit Rating reflects a high possibility that the People’s Government of West Coast New Area, Qingdao City (“West Coast New Area government”) would provide strong support to QOIG if needed, in light of its indirect full ownership of QOIG, QOIG’s strategic importance as an important local investment and development company (“LIDC”) responsible for infrastructure construction and affordable housing projects investment and construction in the West Coast New Area, Qingdao City (“West Coast New Area”) (“Qingdao”), and the linkage between the West Coast New Area government and QOIG, including management appointments, strategic alignment, supervision of major investment and financing plans and ongoing operational and financial support. In addition, the West Coast New Area government may face significant negative impact on its reputation and financing activities if QOIG encounters any operational and financial difficulties.
The Stable Outlook reflects our expectation that QOIG’s strategic importance would remain intact while the West Coast New Area government will continue to ensure QOIG’s stable operation.